office depot investor relations

561-438-1594. And Chris, this is Anthony. I'm also happy to announce that we are joined by Anthony Scaglione, our newly appointed Executive Vice President and CFO, who will provide additional details on our financial results. We continue to expand our value proposition with new product offerings and continue to win new business in the quarter. Our network touches many customers and we will be focusing on delivering even more value for our customer base across all of our channels. Media Relations: Margaret Standing mediarelations@designerbrands.com. Dependent on the pace of the reopenings, those channels may have a different mix but ultimately there is great opportunity for us to service not only the traditional back-to-school but also the school-from-home environment. Your next question comes from the line of Chris Horvers. So, with that being said, you didn't reference the improvement throughout the quarter and into July. As a reminder, BSD is the largest component of our B2B integrated distribution platform serving customers from the Fortune 500, the small and medium-sized businesses. That said we remain in a position of strength to not only continue to address these challenges but also to position us for future growth. We saw like April was, it was very difficult, May was improved and June was even better. And in our CompuCom division, despite the near-term impacts from COVID, which continue to the second half of the year, we believe that CompuCom is in the right place, at the right time to leverage their ability to support remote workforces to help maintain business continuity for our customers. Investor Relations Home ; Company Information. That concludes the Q&A session for today. In my few short weeks at the company, I've been very impressed with the company's strong and innovative culture, creating the foundation to drive our mission and reach our goals with all of our stakeholders at the core. And then, just any kind of indication in terms of what you're thinking for the back half of the year, is obviously -- I know there's a lot of uncertainty, but anything that could help a little bit around demand trends? Investor Relations; This page shows the institutions and funds most likely to invest in ODP / Office Depot, Inc., based on analysis of their current holdings. Investor's Business Daily 08/28/2020 03:00 AM ET Office Depot Earns RS Rating Upgrade On Thursday, Office Depot (ODP) earned a positive adjustment to its Relative Strength (RS) Rating, from 63 to 74. This balance helped to partially offset the negative impacts related to the COVID-19 pandemic. So we think there's an opportunity for both channels to actually pull through. investor_relations@intuit.com. After submitting your request, you will receive an activation email to the requested email address. I'm very proud of our team in accomplishing this in such a short period of time and the takeaway here is the strength of our platform and the sourcing and execution capabilities we have. We are excited to have Anthony as a senior member of our team and we look forward to his leadership in executing our transformation. Buy online, pickup in store or BOPIS sales were up about a 150% year-over-year showing the value of this channel option in the quarter. I covered cash flow in my earlier remarks however, given the challenges caused by the pandemic and generally tough overall operating conditions, we still prudently managed cash in the quarter resulting in adjusted free cash flow use of $7 million versus a use of $48 million in the prior year period. If you look at how we exited the quarter versus where we started, our cost model's in the right place and really proud of the team from an ability to derive cash. Taking these actions in leveraging our various channels allowed us to meet our customer needs across the platform. In my quick analysis, I was truly impressed at the agility of the team in scaling BOPIS during the quarter helping to meet our customer needs in ways that work for them. Investor Relations 561-438-4629 Tim.Perrott@officedepot.com. This promotion is for Rewards members only. Despite the challenges, our value proposition continues to resonate with new customers. So we did do some -- we worked with some of our distribution partners in our own fleet to adjust that from an operational execution perspective. Additionally, our continued focus on driving the low cost business model helped us deliver positive adjusted operating results while we continue to prudently manage cash, maintaining our very strong balance sheet liquidity position. Anthony anything to add? Additionally, Gerry will outline and discuss the progress we made in the quarter on our B2B pivot and the key drivers of our business. We have implemented strategies to address including working with our distribution partners and evaluating delivery schedules and fees, all of which are helping control delivery costs going forward. Having been classified as an essential business operation, our businesses remained open throughout the pandemic. We did see early in the quarter. Webcast Transcript. We have continued the actions we took in the early stage of the outbreak to enhance the safety protocols to help protect our employees and create a safer work environment for our customers. During the quarter, we recorded charges totaling $456 million, consisting of $401 million of non-cash asset impairment charges and $65 million of restructuring cost, primarily associated with our business acceleration plan and recently announced Maximize B2B program, which I will go into more detail shortly. So as we said in the script we -- obviously, the early part of Q2 was very, very tough. The strength of these assets along with strong free cash flow growth and the ability to generate substantially higher EBITDA growth over time was very compelling and I believe there is a tremendous opportunity to create significant value at ODP, expand our multiple and deliver substantial long-term growth. We also continue with our strategy of acquiring small regional distributors with attractive business customer bases and assets increasing our reach in the marketplace. We've substantially improved our cost management. Essilor.com Luxottica.com. Good luck in Q3 and thank you for taking my question. I'm very proud of our entire team for their efforts in safely servicing customers, leveraging our supply chain and service delivery capabilities to meet our customers' needs and giving back to the community during this time of need. May 17, 2018 1:10 PM ET | | About: The ODP Corporation (ODP) by: SA Transcripts. Designer Brands Recognized for Commitment to Women in Leadership: 2020 Women on … Is there any sort of like just specific items you could point out like, while incentive comp was down $30 million or G&A was down actually like, anything that is not variable and is really just something you're going to have to lap as you look forward? Please state your company name then proceed with your question. The immediate effects related to the COVID outbreak also impacted sales performance at CompuCom in the quarter. With the assistance of third-party valuation experts and factoring in the impact that COVID-19 has had on our end markets, as well as higher overall discount rates, we recorded a non-cash impairment charge of $363 million related to goodwill in our CompuCom and contract businesses and other intangibles. And I think we've demonstrated that very, very successfully over the last couple of years. Save on printer ink and toner to keep your office efficient and productive. Exhibit 99.2 CONTACTS: Tim Perrott Danny Jovic Investor Relations Media Relations 561-438-4629 561-438-1594 [email protected] [email protected] OFFICE DEPOT DECLARES QUARTERLY CASH DIVIDEND OF $0.025 PER SHARE Boca Raton, Fla., May 8, 2019 - Office Depot, Inc. (NASDAQ:ODP), a leading B2B integrated distribution company providing business services and supplies, products and During today's call, Gerry will provide an update on the business, focusing much of his commentary on our accomplishments in the second quarter and highlighting how the strength of our platform, financial position and strategy is helping to address the challenges posed by the pandemic and positioning ODP for future growth. Our next question will come from the line of William Kafoure. Great. And I think that whether it's a hybrid model, whether it's, I'll say, continuous work-from-home I think we are well positioned with our broader product offerings to go out and be successful. Office Depot, Inc. Ticker: ODP. So we're monitoring that. We're obviously keeping a pace on the reopenings across the country. Obviously, there are some categories that are lower than some of our core suppliers, but there are categories we're looking at adding that are also pretty margin accretive as well. Can you give us what the run rate growth or decline for the business is in July so far? While we are encouraged by the improving month-to-month performance that we drove throughout the second quarter and quarter-to-date, there continues to be a lot of uncertainty on the overall systemic pace of back-to-work and back-to-school scenarios. Market data powered by FactSet and Web Financial Group. And so -- but as I said in my part, there is so much uncertainty in the back half, which is why we pulled guidance going forward but we do think we are in a very good position. As I mentioned, the outbreak of COVID-19 has created one of the most challenging business environments in recent memory. Traditional enterprise sales volumes dropped on our contract channel related to business and school closures, retail traffic trends were lower and service volumes and project-related work at CompuCom were negatively impacted. Thank you. Our customers have come to depend on this for the categories such as technology products, cleaning and breakroom, workspaces and furniture, school supplies, copy and print and technology services with CompuCom, we continue to evaluate launching new products and service categories leveraging our capabilities and customer relationships. We believe this bodes well for our BSD business in the long run as we work to expand our value proposition and use our supply chain and distribution capabilities to drive long-term profitable growth. November 12, 2020 10:00 AM - PT. LEI: 549300OI428NU7XTM839. What else do kids need from a learn-from-home or an education perspective, what do remote workers need, all of us are in that environment now. I guess, I had just one quick follow-up to that. We're seeing that strength to continue. Your next question will come from the line of Michael Lasser. But -- and we're obviously we have a lot more confidence today than we did early in Q2 and to be honest, with Q2 we produced the results we did in this, to be honest, the worse economic times in the country's history. Sales increased over 20% in our e-commerce channel and demand increased for products supporting work and learn-from-home and essential products with technology sales up 17% and cleaning and breakroom sales up 20% versus last year. We appreciate you joining us during what we expect has been a challenging time for most. From basic office supplies, such as printer paper and labels, to office equipment, like file cabinets and stylish office furniture, Office Depot and OfficeMax have the office products you need to get the job done.Maintain a well-stocked office breakroom.Save on printer ink and toner to keep your office efficient and productive. But a huge focus on low cost model and we'll continue to drive that in the future. As Gerry mentioned, sales improved in each month throughout the second quarter and has thus far continued per quarter-to-date, as business activity increased and companies began to adjust their needs for the work-from-home environment. Christopher McGinnis -- Sidoti & Company -- Analyst. As I begin my discussion on our accomplishments for the quarter, I'd like to start off with our continued commitment to safety. Finally, let me wrap up with some of my priorities. If I would benchmark it based on what we've seen, it's probably low single-digits versus double-digits that we saw in some of the services that we provide and products that we -- so we see improvements continuing but the headwind continues to exist for the second half. }. Designer Brands Recognized for Commitment to Women in Leadership . And so -- but again just at a high level, we're always -- we're trying to always get to a cost structure that is variable base. I just wanted to say congratulations on the progress that's been made in terms of the corporate actions around the B2B transformation. What I'm most proud of, as you look at, this is our ability to really emphasize and confirm our strategy, we can be more than an office supply company and we would -- look what we did with PPE from zero to a $100 million in 90 days, that's pretty impressive. To take advantage of exclusive offers like these, join Office Depot® OfficeMax® Rewards now! But overall, we're going to keep our SG&A, continue to be focused on where the business is heading and really keep that low-cost business model front and center. Before reviewing the financial results, I'd like to take a few moments to share with you why I joined ODP. While I believe that a company can't cut its way to greatness, I will work with the businesses and corporate teams to ensure that G&A dollars are invested in the right places and are aligned to best support our field associates and clients. I guess my question is, I know we're only a couple of quarters into this new operating environment and you're managing the cost structure dynamically very well but just kind of curious given the shift in category and channels, do you have any early learnings around what the long-term margin profile in BSD might be once we kind of reach a steady state top line in that business as a comparison historical margins? Consistent with previous quarters, we have provided our results on both a GAAP basis and on an adjusted basis. Webcast Transcript. I'll talk to that at a high level. At sales our e-commerce channel was up double-digits versus last year as business customers and consumers recognized the convenience of our online presence and supply chain capabilities to safely procure the products to help maintain their business operations. I would like to introduce Tim Perrott, Vice President, Investor Relations. We have net new customer wins in the quarter and a significant amount of renewals. Share price €129.80 +0.58% 18 Dec 2020 at 17:37:10. Moody's Org ID: 600009951. For the second half it should be low-to-mid single-digits on an annual basis. Research: Ratings & Assessments : Family Tree: Peer Group: Market Signals: Issuer Research Industry Research Family Tree Research Methodologies & … Peer Group: Retail. Operating income was $13 million in the second quarter compared to $86 million in the prior year period. It's going to be defined in our negotiations with our lease holders, making sure that we have the right view. However, as a result of the impact that COVID-19 has had on our business conditions within our segments, we performed an assessment of goodwill and intangible values in the second quarter. Aside from preserving liquidity, our capital priorities will continue to focus on investing in our business to further enhance our B2B platform to pursue profitable growth and expand our distribution network and capabilities. I'm pretty darn proud of the team for adjusted operating profitability as well as a pretty much net cash neutral from that perspective. Our retail division continued to drive reasonably strong demand for the quarter for essential products for businesses in homes. As expected, these dynamics created revenue headwinds in each of our divisions as business volumes and consumer activity in general were lower. Our Company. Thanks for that and again congrats on the PPE, it does look pretty successful so far. Chris McGinnis from Sidoti & Company. This increase was largely related to lower SG&A from cost efficiency initiatives and an improvement in distribution and inventory management costs as well as lower operating lease cost recognized as a result of the new lease accounting standard. With that, I will turn the call over to Anthony for overview of our financial results. Can you maybe -- trying to get at what the baseline SG&A run rate is going forward? But obviously with BAT as well as our Maximize project that we announced. Office Depot, which belongs to the Zacks Retail - Miscellaneous industry, posted revenues of $2.78 billion for the quarter ended September 2019, missing the Zacks … But depending on the overall reopenings and our commercial and education clients, they're going to look to us for different products and services. Therefore, along with the restructuring charges on a GAAP basis, we reported a loss from operations of $456 million. Our supply chain has a unique capability to reach nearly all of our customers the next day and directly to the desktop for enterprise customers. In total, our adjacency categories comprised 48% of our total revenue in our BSD division, highlighting again the success of our strategy increase our value proposition to customers and the benefit of a diverse channel mix. And so, we're always -- Maximize is -- one of the primary goals of Maximize is to drive from a fixed cost model to a low-cost -- to a variable cost model that allows us that flexibility, although this is never repeated the COVID experience but we believe this has demonstrated the ability for us to pivot and successfully manage cash and cost in a very, very difficult environment. 561-438-4629 . I appreciate that. The decrease was largely due to customer imposed project delays and lower service volumes as the COVID-19 pandemic impacted our customers' business operations. The outbreak of COVID-19 caused significant business disruption for our B2B customers and many schools. Moving to mix. Enter this section to read more and get in touch with the Financial Communication and Investor relations team. We have direct supplies serving our large enterprise customers, a robust e-commerce platform serving both businesses and consumers, many retail locations supporting those products and services and about 6,500 technologies support personnel including our tech field force serving the technology and service support needs of our customers. Number two, continue to drive a low cost business model. We source and work with vendors around the globe to procure cost effect [Technical Issues] to meet the needs of our customers. Industry: RETAIL: GENERAL MERCHANDISE. Report this profile; Experience. I think we probably need some more road underneath this from a trend perspective. Christopher Horvers -- J.P. Morgan & Co. -- Analyst. To expand upon that we combined our sourcing supply chain capabilities with balanced routes-to-market to reach our customers, we created a platform that our customers can access to most appropriately satisfy their needs. The SEC filings as well as the earnings press release, presentation slides that accompany today's comments and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are all available on our website at investor.theodpcorp.com. We will also continue to make strategic investments in our supply chain and B2B capabilities. I mean, you cover wide geographies and do you see any indication that maybe they're just buying early, are you able to look at that in terms of areas where the students are going back-to-school where -- or versus the work-from-home, sorry, learn-from-home environment will stay in place? window.alert = function(){}; Lower most recently served as Executive Vice President and Chief Financial Officer for Office Depot, Inc. back to top. Thanks, Chris. The decrease in operating income versus last year was related to the impact of COVID impacting sales, product mix and higher overall distribution costs. 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